New Delhi, July 16 -- Wall Street's major stock indices traded lower on Thursday as investors digested softer-than-expected momentum in US consumer spending and growing concerns over the stretched valuations of artificial intelligence-linked stocks.

In the early trading, the Dow Jones Industrial Average was up 0.2% at 52,751.45. The broad-based S&P 500 declined 0.4% to 7,543.96, while the tech-rich Nasdaq Composite Index dropped 0.8% to 26,051.43.

Fresh economic data showed US retail sales rose 0.2% in June from the previous month, matching economists' forecasts but slowing significantly from the revised 1.0% increase recorded in May.

Despite the moderation, analysts said the figures still pointed to resilient consumer demand. They not...